Turning Point Financial | Helping You Navigate Personal Finance

Is My Unemployment Income Taxable?

Many people wonder if unemployment income is taxable, and if so, how will it be taxed.

RUNNING LOW ON MONEY? CONGRESS HAS MADE IT EASIER FOR YOU TO TAP YOUR RETIREMENT SAVINGS

Article Highlights COVID-19 Tax Benefits Retirement Plan Withdrawals Waiver of 10% Early Withdrawal Penalty Retirement Plan Loans Roth IRAs Other Sources of Income Way to Reduce Payments If you are struggling financially due to the COVID-19 epidemic, you will be happy to know Congress, as part of the CARES Act enacted on March 27, has made it easier for you to access your…

How to protect yourself from a recession. 9 ways to protect yourself and your family.

CARES Act waives Required Minimum Distributions from retirement accounts for 2020.

The cosmic perspective on self-isolation

This was a great article I found on Axios that has some helpful perspective for our Coronavirus times. Written by Miriam Kramer. The perspective space providesis essential during these troubled times. Why it matters: Astronauts live in isolation and look down on our planet with a view that can bring people out of their own experiences,…

Need Cash? Try to Avoid Retirement Accounts

Article Highlights: Early-Withdrawal Penalties Reduction in Retirement Savings Exceptions from the Early-Withdrawal Penalty If you find yourself looking for a quick source of cash, your retirement savings may look like a tempting option. However, if you are under age 59½ and withdraw money from a traditional IRA or qualified retirement account, you will likely pay both income…

Article Highlights: Taxability of DistributionsStretching DistributionsSECURE Act ChangesTen-Year RuleSpouse ExceptionOther ExceptionsNaming Beneficiaries On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan…